FOR IMMEDIATE RELEASE
Jackson, MS-Attorney General Jim Hood today issued a reminder that the deadline is approaching for thousands of Mississippians to receive restitution from Ameriquest Mortgage Company as part of a $325 million national settlement of a predatory lending lawsuit against the company.
Consumers who did business with Ameriquest Mortgage Company, Town and Country Credit Corporation and AMC Mortgage Services, Inc. (formerly known as Bedford Home Loans) between January 1, 1999, and December 31, 2005 are eligible to receive restitution payments. Over 2,000 Mississippians are eligible but must mail completed and signed forms to the settlement administrator by September 10, 2007. The forms mailed to each consumer will indicate the minimum payment the consumer can expect to receive. However, the exact amount could be larger, depending on how many eligible Mississippi consumers decide to participate in the settlement.
Consumers can obtain detailed information about the settlement and their eligibility by going to http://www.agjimhood.com Consu.mers can also contact the Settlement Administrator at 800-420-5875. Hearing-impaired persons may call 866-494-8274.
The settlement resolved allegations that Ameriquest and its affiliates, among other things, misrepresented and did not adequately disclose the terms of home loans (such as whether a loan carried a fixed or adjustable rate);charged excessive loan origination fees and prepayment penalties;refinanced borrowers into improper or inappropriate loans;and improperly inflated appraisals used to qualify borrowers for loans.